Report: Chevron CEO stepping down

Jordan Blum, Houston Chronicle

Updated 12:53 pm, Tuesday, August 22, 2017

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"For a company like mine and many others, $100 a barrel is becoming the new $20 in our business.” -- Chevron CEO John Watson, noting that labor and capital costs have more than doubled in the last 10 years, creating a “new reality” for energy producers and consumers.
Watson spoke at the IHS CERAWeek energy conference on March 4, 2014. less

"For a company like mine and many others, $100 a barrel is becoming the new $20 in our business.” -- Chevron CEO John Watson, noting that labor and capital costs have more than doubled in the last 10 years, ... more

Report: Chevron CEO stepping down

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Chevron CEO John Watson will soon retire as the Big Oil giant pivots in a world of evolving energy dynamics, The Wall Street Journal is reporting, citing sources close to the matter.

California-based Chevron is planning to announce the change in September, if not sooner, and the Journal said newly promoted Vice Chairman Michael Wirth, 56, is the leading candidate to replace Watson, 60.

Chevron refused to confirm the report on Tuesday. "As a practice, we do not comment on rumor or speculation," said Chevron spokesman Kent Robertson.

Chevron named Wirth vice chairman early this year, adding the title to his executive vice president of midstream and development role.

Chevron, which has a major Houston presence, is the nation's second-largest energy company after Exxon Mobil. Watson, who became CEO in 2010, was a leading voice for keeping the Chevron headquarters in California as other companies like Occidental Petroleum moved to Houston.

Wirth is a Chevron lifer who joined the company in 1982 after graduating from the University of Colorado. He has a strong background in refining and petrochemicals. Such a background is similar to that of new Exxon Mobil CEO Darren Woods, who was promoted to chief executive early this year after Rex Tillerson was named U.S. secretary of state.